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A Coverdell education savings account, or Coverdell ESA, is a savings plan for education-related expenses. Funds can be used for college, elementary or secondary education.
A Coverdell education savings account (also known as an education savings account, a Coverdell ESA, a Coverdell account, or just an ESA, and formerly known as an education individual retirement account), is a tax advantaged investment account in the U.S. designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, and uniforms ...
A 529 plan offers several other benefits, including the ability to invest with potentially high-return assets such as stock funds, instead of being limited to low-return bank accounts.
An education savings plan allows a saver to open an investment account for the benefit of a future student. These plans can pay for tuition, as well as room and board, and some other qualified ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
A 529 is a tax-advantaged savings account specifically designed to help individuals save for education expenses, whereas a Coverdell account is a trust or custodial account designed for paying a ...